This invention relates to electronic data processing and, more particularly, to methods, data structures, computer program products and systems for automated processing of invoices.
There exist many known methods and systems for electronic processing of invoices based on electronic data records. Corporations and other entities use electronic data records and enterprise business software to store the financial data related to all aspects of a company's business including, for example, sales of product, and use of such data for a variety of purposes including, for example, credit and risk management. Although such data is stored and processed electronically with many electronic accounting systems, it is often not possible to accurately tell which invoices have been paid, which are being disputed, or whether there are other issues that will prevent payment of an invoice. Consequently, any analysis of the financial situation of an enterprise based on this uncertain invoice data may be misleading and show a financial situation of the enterprise that is different from the real financial situation. Further, the enterprise may not be aware of the need to collect the cash from active debts and, even if the company is aware, it may not be clear upon which parts of the outstanding invoices the efforts of cash collecting should be focused. This is particularly a problem in instances where a large number of invoices have been sent to many customers.
Thus, there is a need for a method, software application, and/or data processing system providing a more efficient solution to the problems described above. In particular, it would be desirable to provide a software application having a mechanism for enabling better processing of invoices to make collections more easily managed according to the company's active debts from customers.